Rosenthal explains rehabilitation bonus and transfer text amendment
Rosenthal outlines the two requested actions: using the existing theater rehabilitation bonus for additional floor area and amending the text to allow transfer of that bonus floor area elsewhere within the theater district because the theater's zoning lot cannot accommodate it.
Next slide.
The actions today, we have two actions.
One is there is existing in the zoning resolution a theater rehabilitation bonus.
So this 100-year-old theater with all of its ups and downs, both financially and physically, needs substantial rehabilitation.
It's time to do that, and Roundabout is putting together an amazing program to do that and bring it up to the 20th century.
First century.
So they were here for the three-year rehabilitation bonus, which will allow additional floor area in exchange for rehabilitating the theater.
The second action is a text amendment.
Because there is no place on the zoning lot to use the bonus floor area, this would allow the theater to transfer it to elsewhere within the theater district.